Marks and Spencer 2015 Annual Report Download - page 71

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OUR PERFORMANCEFINANCIAL STATEMENTS GOVERNANCE OUR BUSINESS
69
ANNUAL REPORT AND FINANCIAL STATEMENTS 2015
FIGURE 20: SHAREHOLDING REQUIREMENTS (audited)
All executive directors are required to hold
shares equivalent in value to a minimum
percentage of their salary within a five-year
period from their date of appointment.
Shareholding targets were increased last
year to 250% of salary for the CEO and 150%
of salary for other executive directors.
Similar guidelines of 100% of salary also
apply to directors below Board level.
The chart below shows the extent to
which each director has met their target
shareholding as at 28 March 2015.
For the purposes of the requirements, the
net number of unvested shares awards
not subject to performance conditions is
included and is refl ected in the chart below.
The Committee is satisfi ed that the current
level of shareholding requirements is
su ciently robust, providing an appropriate
level of investment in M&S for each director.
The Committee will continue to keep
this issue under review and will amend
accordingly if necessary.
EXECUTIVE DIRECTORS’ REMUNERATION CONTINUED
SHARE CAPITAL & DILUTION
Dilution of share capital by employee
share plans Awards granted under the
Company’s Save As You Earn scheme and
the Executive Share Option scheme are met
by the issue of new shares when the options
are exercised.
All other share plans are met by market
purchase shares. The Company monitors
the number of shares issued under these
schemes and their impact on dilution limits.
The Company’s usage of shares compared
to the dilution limits set by The Investment
Association in respect of all share plans (10%
in any rolling ten-year period) and executive
share plans (5% in any rolling ten-year
period) as at 28 March 2015 was as follows:
FIGURE 21: ALL SHARE PLANS
FIGURE 22: EXECUTIVE SHARE PLANS
Laura Wade-Gery
Steve Rowe
John Dixon
Patrick Bousquet-Chavanne
Marc Bolland
389%
Shares owned outrightKey
109%
418%
212%
223%
Vested and unexercised shares Unvested DSBP/RSP shares Shareholding requirement
Limit
Actual
10%
5.76%
Limit
Actual
5%
0%